Cairo – Mubasher: The Facility Investing for Employment (IFE), founded by Germany’s KfW Development Bank, has granted EUR 2.70 million to set up the first manufacturing facility of solar thermal collectors in Egypt and the Middle East (ME) to achieve decarbonisation goals.
IFE signed a grant agreement with Creative Power Solutions AG (CPS) as the first grantee of its Green Economy Call for Proposals in Egypt that was initiated in November 2021, according to a press release.
The grant represents 50% of total investment volume of the project. Meanwhile, the project will be introducing and localising the green technology mass production of solar thermal collectors while contributing to the spread of solar thermal technology across Egypt.
The facility will also endorse the Egyptian economy by creating new jobs in various sectors and entities.
IFE is an investment mechanism created on behalf of the German Federal Ministry for Economic Co-operation and Development (BMZ) and it serves as an integral part of Invest for Jobs initiative for training and job creation.
CEO of CPS, Majed Toqan, said: "With the total investment cost of EUR 5.40 million, local production of the manufacturing facility will enable knowledge transfer while boosting renewable energy deployment and creating jobs across various industry sectors.”
Toqan added: “Through this innovative technology, we are committed to global endeavors in mitigating climate change and to supporting Egypt’s Sustainable Energy Strategy 2035.”
